Insights

Data governance — a decision making approach

Over the past year, PKF, working with the Governance Institute of Australia, Macquarie University’s DataX Research Centre, and other expert organisations, has supported an important research study to assess the data governance landscape in Australia. The findings are unexpected and motivating.Survey participants and process In August 2023, the Governance Institute...

Ken Weldin

Partner

Melbourne

Insights

Cyber security as a cornerstone of sustainable supply chain

Imagine this... your business has undergone rigorous internal audits and your processes gleam. But, a single security breach in one of your supplier’s systems exposes sensitive data, disrupts operations, and shatters customer trust. In 2024, with rampant cybercrime, complex global partnerships, and data privacy regulations tightening, ignoring supply chain security...

Phillipa Ngorima

IT Auditor

Sydney, Newcastle

Insights

Local government changes — a sign of the times

As of mid-2022 all NSW local government councils and joint organisations were required to have considered the 2023 Risk and Audit Guidelines. The 2023 Guidelines replace the 2010 NSW Government’s Internal Audit Guidelines for Local Government in NSW. They seek to incorporate findings and lessons learnt from relevant industry reviews...

2 Contributors

Brisbane

Insights

How the economy is impacting financial reporting

Our economic climate is changing, and so too is how we must approach the preparation of financial reports for upcoming reporting periods. Changing conditions means that the preparation of financial reports will not simply be a rollover of the estimates used in the preparation of the previous financial report. Many...

Kevin Helmers

Partner

Newcastle, Sydney

Insights

The importance of data governance

Designing and implementing procedures to support the responsible and legally compliant dealing with data is one of the greatest challenges currently faced by boards of directors. The aim of this data governance study is to assist boards and senior management with implementing an effective data governance framework. The purpose of...

Liam Murphy

Managing Partner

Brisbane

Insights

Tax governance matters

Taxation in Australia is both complicated and constantly changing. Public interest in the tax system is arguably at an all-time high. Politically there is a desire to increase tax transparency for larger businesses and high net worth individuals to provide community confidence that ‘the bigger end of town’ is paying...

Garry Mathoda

Director

Sydney

Insights

Embracing the data analytics revolution

Data analytics, at its core, is the art and science of extracting actionable insights from the labyrinth of data. It encompasses the use of cutting-edge tools and methodologies to dissect, analyse, visualise, and interpret data, leading to informed and strategic decision-making. This pivotal concept has gained immense significance in today’s...

Sangeetha Ravisankar

Senior Data Analyst

Sydney, Newcastle

Insights

ESG: The future of reporting

In our continued exploration of better practice in Environmental, Social, Governance (ESG) reporting, our focus turns to the agricultural sector. We hope this case study provides guidance and insight to support you on your own ESG journey. There are significant benefits to be gained by reporting on ESG factors, however,...

Dawn Alexander

Partner

New Zealand

Insights

Building trust through ESG: Community engagement in the mining sector

The mining industry, historically linked with significant environmental and social impacts, faces increasing pressure from stakeholders to demonstrate responsible business practices. This pressure is not just regulatory or market-driven, it comes from the very communities where these companies operate. This is where a robust Environmental, Social, and Governance (ESG) strategy...

Darren Shillington

Managing Partner

Perth

Whistleblower programs Breaking the silence

Insights

Breaking the silence: How new laws empower NSW public sector whistleblowers

Whistleblowers who work in all public sector agencies across New South Wales will now receive greater protection, following extensive revisions to the Public Interest Disclosures Act (PID Act) which came into force on 1st October 2023. This amended whistleblower legislation is a commendable step forward in the state’s commitment to...

Insights

The art of speaking up: How to detect organisational fraud

Fraud is a significant - and potentially very costly - issue for government agencies and companies of all sizes and industries. A common misconception about fraud is that the perpetrator is external to the organisation. However, anyone with access to sensitive information - current or former employees, for example -...

Insights

What happens when your complaints manager leaves? The risks you need to know

The reality of business is that people changing roles and organisations is inevitable. However, many business leaders haven’t been alerted to the specific - and significant - risks that arise when the person managing your employee complaints decides to depart. This can leave an unexpected vacuum, and if not addressed...

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Insights

Are you providing multiple avenues for your employees’ complaints? We explore better practice.

Many organisations, with the best intentions, set up a Complaints Officer along with a corresponding process, with the intent of fostering improved communication, employee psychological safety, and legislative compliance. But what if you've set up a whistleblowing or complaints management system for your employees to voice their concerns, and you...

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Insights

Is it time for a business health check?

Are you keeping an eye on the pulse of your business? Much like a human body, a business requires regular health checks to ensure it's performing at its peak and to identify potential issues before they become substantial problems. If you're a CEO or a business owner of a mid-sized...

2 contributors

Brisbane, Sydney

Insights

The rarely talked about emotional benefits of finding the right business advisory partner

As a business leader, you're likely familiar with the strategic and financial advantages that a business advisory partner can bring. Typically discussions around business advisory partnerships focus on the clear, tangible benefits - strategic insights, financial guide, and operational support. However, there are some key benefits outside of this that...

Sara Crevillen

Partner

Brisbane

Insights

Understanding and navigating family dynamics in farm succession

Family dynamics are at the heart of farm succession planning, where relationships, roles, and expectations among family members can significantly influence the success or failure of the transition process. Ensuring a harmonious handover not only safeguards the farm's future but also maintains family unity.

Steve Meyn

Chairman

Australia

Insights

Elevation and maturity of the internal audit function

With less than six months to go, has your organisation considered how to implement the new internal audit standards? Internal Audit (‘IA’) plays a vital role in helping organisations achieve improved performance, in ensuring risks are adequately managed in an increasingly complex landscape, and in protecting the public interest. To...

2 contributors

Brisbane

Time running out to implement bribery prevention

Insights

Time is running out to implement foreign bribery prevention measures

In March 2024, the Crimes Legislation Amendment (Combatting Foreign Bribery) Act 2024 (Cth) was passed. The Act is designed to remove barriers to foreign bribery investigations and prosecutions previously faced by law enforcement and prosecutors. The key changes include: A company will be criminally liable if an associate (an officer,...

Geoff Peck

Partner - PKF Integrity

Melbourne

Insights

Grant opportunity — Export Market Development Grants (EMDG) round four: What you need to know.

Round four of the Export Market Development Grants (EMDG) will open for applications from 12 November 2024 at 9:00AM AEST for Tier 1-3 applications. The EMDG provides grants to Australian small and medium enterprises to support them in globally marketing and promoting their goods and services and in receiving export...

Nicholas Falzon

Director

Sydney, Newcastle

Insights

Enabling a consistent approach to tax affecting your leases and decommission responsibilities

For the year ended 30 June 2024 (and 31 December 2023), entities are required to recognise a related deferred tax asset (DTA) and a deferred tax liability (DTL) for leases and decommissioning liabilities. In June 2021, the Australian Accounting Standard Board (AASB) published AASB 2021-5 Amendments to Australian Accounting Standards...

Garry Mathoda

Director

Sydney

Insights

ASIC focus to improve investor confidence and knowledge

In May 2024, ASIC published its Focus Areas for the 30 June 2024 reporting season, giving priority to educating and building the confidence of investors. ASIC focus areas are now classified as either: Enduring focus areas, orParticular focus areas. ASIC highlighted financial reporting areas which they have determined to be...

James Lee

Partner

Sydney, Newcastle

Insights

Unpacking the new consolidated entity disclosures

As a result of the introduction of the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023, from 30 June 2024 onwards, Australian public companies who prepare a consolidated financial report (except those companies that report to the ACNC) must include a new consolidated...

Ken Weldin

Partner

Melbourne

Insights

Australia’s new era of corporate transparency: mandatory climate reporting begins on 1 January 2025

It’s official, Australia’s mandatory climate disclosure regime will take effect from 1 January 2025, following the passing of the Government’s legislation through Federal Parliament. On 22 August 2024, the Senate passed the mandatory climate reporting bill, which was subsequently passed by the House of Representatives on 9 September 2024. This...

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2 contributors

Melbourne

Insights

Why Every Successful Business Needs a Strategic Plan: Navigating the Future with Purpose and Precision

One of the most important tools in business is a strategic plan. Without one, how does anyone on your team know what you are trying to achieve or how to allocate your limited resources most effectively? When you actually take the time to think about it, it makes a lot...

Andrew Beattie

Director

Newcastle, Sydney, Port Stephens

Insights

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